Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

I move amendment No. 29:

In page 54, line 33, to delete "may" and substitute "shall".

This is another amendment that arises as a result of an amendment that Deputy Ó Cathasaigh put forward on Committee Stage. I said I would see how we could cater for it on Report Stage.

Members should not that the amendment has not been grouped with the previous amendment because that one relates to regulations on the scale and methodology to be used to describe the risk levels of schemes while this amendment instead relates directly to the investment rules applicable to auto-enrolment. The amendment changes the word "may" to "shall". In effect, it means that when an investment manager is investing funds provided by the new authority, he or she must take into account the potential long-term impact of investment decisions on environmental, social and governance factors. The wording of the Bill currently makes that optional and we are moving towards making it obligatory.

I recall that a number of Deputies, including Deputy Sherlock, expressing support for Deputy Ó Cathasaigh's amendment. I am happy to make provision for the matter to which it related in the Bill.

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